MultiTimeframe
Price, or any indicator, sampled every N bars and held flat between samples: a stepped, slower view.
MultiTimeframe does not build real higher-timeframe bars. It counts bars, and every `period` bars it takes its input's value at that bar and holds it until the next sample. The input can be any indicator; on a chart it is usually fed the close, so the line is a staircase of the close that steps every 12 minutes at the default. It keeps one bar's value per step, not the high, low or average of the period, so each step is a sample, not a candle.
How to read it
- Drawn over the candles: each flat step shows the input as it stood at that step's first bar.
- Between steps the line does not move, even while price does; the next step comes one period later.
- At the default of 12 it hugs the close (correlation 0.996 on the sample month), so the steps only stand out when zoomed in.
- It is blank for the first period minus one bars of data, so nothing shows at the very start of the chart.
What it outputs
- Held value
- The input's value, sampled every period bars and held flat until the next sample.
Settings
- period
- Bars between samples, one minute each on this chart. Raising it gives longer, flatter steps that trail price further; lowering it gives shorter steps that hug price. At 1 it passes the input through bar for bar.
Pitfalls
- It keeps one bar's value per step, not the block's high, low or volume, so a spike between samples never appears on the line.
- Steps are counted in bars from the first bar the indicator receives, not from clock time, so a 60-bar step does not start on the hour.
- A blank input at a step's end moves that sample to the next bar with a value, so that step can run longer than the period.